Tezos (XTZ-USD) is acquiring a new startup, and investors are ecstatic. Tether (USDT-USD) is attempting to join as many networks as possible, with stablecoins being one of the trendiest issues in the crypto industry right now. Tezos is one of such networks, which is fortunate for XTZ coin investors. As a consequence of the news, many investors are flocking to the XTZ currency.
Tezos is a layer-1 network that competes with Ethereum (ETH-USD). It was launched in 2018 and is gradually becoming one of the most stable networks on the market. It already hosts over 70 decentralized apps (dApps), with a total asset value of $59 million. The project’s market capitalisation of approximately $2 billion is very outstanding. XTZ is one of the most valuable cryptocurrencies on the market today, with a market capitalization of over $1 billion.
Tezos has gained traction as a non-fungible token (NFT) play in recent months. Tezos bulls believe the network has the potential to threaten Ethereum’s supremacy in the digital art market, thanks to efforts to boost network performance utilizing roll-ups and data sharding. However, all eyes are on Tezos’ decentralized finance (DeFi) features this week. There’s reason to think Tezos will take off as a decentralized exchange (DEX) swapping and liquidity farming play, especially now that one of the biggest stablecoin enterprises in the world has joined the network.
Tether Joins Tezos’ Chain, Boosting XTZ Crypto Volume
Today, investors are flocking to Tezos’ XTZ cryptocurrency. Furthermore, XTZ has seen a 20% spike in trading volume, which has helped the currency hit its best levels in a month. The network’s newest stablecoin launch, which brought a credible project into the fold, is primarily to blame for the trading spike.
Tether is the world’s biggest stablecoin project, as well as the third-largest cryptocurrency overall. The protocol has a market capitalization of more over $72 billion dollars. USDT is the stablecoin of choice for many DeFi activities; it’s the most widely traded stablecoin across exchanges, and as a consequence, it’s a go-to token for liquidity farming.
Today, engineers are deploying USDT into the Tezos blockchain, giving the coin even more use. Developers will now be able to use one of the world’s major cryptos in their Tezos dApps, which was previously unavailable. While Tether will undoubtedly gain, Tezos is the clear winner here; unleashing a stablecoin of this size would undoubtedly add significantly to the chain’s developing ecosystem.
Tether’s announcement is simply the first move in a larger effort to reach out to the most remote corners of the market. Tezos is only the beginning; the stablecoin project will soon join a total of 12 additional blockchains. Layer-1 chains like Ethereum, Solana (SOL-USD), and Avalanche are among the others (AVAX-USD).